To:Y. A. PREOBRAZHENSKY[1]

Written:Written before November 3, 1921Published:First published in 1959 inLenin Miscellany XXXVI.

      Printed from the original.Source:Lenin
	  Collected Works,

      Progress Publishers,1976,

      Moscow,Volume 45,

      pages366b-367a.Translated:Yuri SdobnikovTranscription\Markup:R. CymbalaPublic Domain:Lenin Internet ArchiveYou may freely copy, distribute,
	display and perform this work; as well as make derivative and
	commercial works. Please credit “Marxists Internet
	Archive” as your source.•README

Let’shave the figure:

1)howmany-foldwillyourdenomination increase the
emission?

2)Whynot (later)worsenthe quality of the bank-notes
to speed up their self-liquidation?

Yourarguments against the module 1 : 50,000:

1)theworker will receive 25,000 rubles=1/4 ruble!!

2)theprice of gold will be disproportional.And with 10,000?

1)theworker will receive 25,000 rubles=2 1/2 rubles.
All-Russia C.E.C. members receive 27,000=2
rubles 70 kopeks a month,

Doesnot your argument boil downin essenceto the need
to keep open the possibility to yet another “retreat” when
weputpaperon a parwith gold (within a year, two, etc.)onlyafter the exchange rate of the ruble isconsolidated?

a)there is need for an emission

b)1 : 10,000==cautiousprobe, “probing the soil”.

1)SemyonYenukidze has calculated:

roughlythe same quantity of paper (13,000 and 12,000
poods) gives4,500 thousand million old rubles, and 457 million
new ones, i.e., the same 4,500 thousand million old
ones.

What,does it give us?

2)Isn’tit better to usebadpaper to allow the issued
moneyto be self-liquidated faster?

[1]Thenotes were written in connection with the preparation for        

denomination as a means of regulating the currency of money and      

stabilising the ruble. Under a C.P.C. decree of November 3, 192!,    

one ruble of the new issue was equal to 10,000 of the old issues     

(seeIzvestia VTslKNo. 263, November 26, 1921).